FPT IS and TradeWaltz cooperate to promote Asia-Pacific trade

The FPT IS TradeFlat digital financial ecosystem will integrate with the TradeWaltz platform and expand cooperation in the Asia-Pacific region to promote international trade.

The signing ceremony of the cooperative MoU between the two parties was witnessed by Prime Minister Pham Minh Chinh, Minister of Economy, Trade and Industry of Japan (METI), chairman of Japan External Trade Organisation (JETRO), and other assorted leaders from the two countries.

The ceremony fell within the framework of the Vietnam-Japan Economic Forum 2023 organised by the Ministry of Planning and Investment, JETRO, and the Embassy of Vietnam in Japan.

Cooperation between the two sides was announced at the ASEAN-Japan Economic Co-creation Forum, an event in promoting business opportunities between ASEAN and Japan.

Following the integration of the two platforms, FPT IS and TradeWaltz aim to expand their cooperation further to promote the comprehensive digital transformation of trade processes for the Asia-Pacific region.

The two sides will jointly research connecting the two platforms to process cross-border trade and financial transaction flows; embrace market research and strategy planning for the Vietnamese market; and promote cooperative alliances with regional trade platforms.

This event marks the first time a ‘Made in Vietnam’ technology solution has been integrated with an international platform to bolster Vietnam-Japan trade activities.

TradeWaltz is invested in by large Japanese organisations, including NTT Data Corporation, Toyota Tsusho Corporation, and Mitsubishi Corporation, meanwhile, TradeFlat belongs to FPT IS and is co-developed by banks and private enterprises, and is operated in the Japanese market by FPT Japan Holdings Company (FPT Japan).

The step-up in cooperation between FPT IS and TradeWaltz is especially meaningful as this year marks the 50th anniversary of the establishment of diplomatic relations between Vietnam and Japan.

The step-up in cooperation between FPT IS and TradeWaltz is especially meaningful as this year marks the 50th anniversary of the establishment of diplomatic relations between Vietnam and Japan.

Over the past 50 years, Japan has consistently been in the Top 3 largest foreign investors in Vietnam, having a presence in 57 out of 63 localities. The investment demand and import-export activities of Japanese businesses in Vietnam are more robust today than ever before.

“The signing of a cooperation agreement between FPT IS and TradeWaltz at the Vietnam-Japan Trade Forum shows the interest the government has in promoting bilateral trade cooperation, especially through new digital platforms. The project contributes to realising our mission of connecting business and innovating a comprehensive digital model of international trade activities in Asia-Pacific,” said Tran Dang Hoa, chairman of FPT IS.

“We hope to continue to create alliances with commercial organisations and to realise the goal of the Vietnamese and Japanese governments to promote a comprehensive strategic partnership for peace and prosperity in Asia and the world,” Hoa added.

FPT IS is now the 20th member of the Pan-Asian E-commerce Alliance, underpinning its efforts towards deepening bilateral and multilateral integration projects to promote cross-border trade transactions.

TradeFlat is the first letter of credit (L/C) blockchain platform in Vietnam to help handle L/C operations with an end-to-end process.

The solution creates outstanding efficiency by reducing document transfer time by 90 per cent compared to traditional financing transaction flows, and reduces the operational processing time of bank staff by half while helping to triple productivity and work efficiency. The model has been developed by the top commercial banks in Vietnam.

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